We were having a bad day until today's Fed surprise pushed our two open positions up and through inflection points. As I've said before, Fed news is about the only fundamental news that I care about. I want to be aware of the potential volatility. I'll slide in stops, if possible. I don't take new positions within two hours of the market close, and I'll typically not look for any new positions at least 30 minutes before a Fed announcement.

When we have a big pop in a stock and there isn't a good pullback to trail a stop behind, I'll trail on the bad side of an inflection point. In the case of MHFI, we were able to trail a stop on the back side of the Central Pivot, until another inflection point was hit at the previous day's high. With QCOM, the trailing stop was placed on the backside of yesterday's high, but we were whipped out of the trade, before price hit the the R1 Pivot.

ABBV LONG 47.07 46.95 $(0.12)
CRZO LONG 36.24 36.05 $(0.19)
CRZO LONG 36.20 35.95 $(0.25)
MHFI LONG 63.47 64.62 $1.15
MR LONG 42.66 42.38 $(0.28)
NAV LONG 37.77 37.54 $(0.23)
QCOM LONG 69.12 69.43 $0.31 Trail hit.
CNW SHORT 41.27 41.27 $-
CNW SHORT 41.33 41.33 $-

Total of $0.39 per share. Multiply average share size to estimate gross earnings. 1000 shares per trade would be $390 gross earnings for the day. $4.33 per share for the month. 1000 share per trade would be $4,330 gross earnings for the month.

Wide-range bar setups for the next trading day. The day trade setup is only good for the upcoming trading session.

Entries, targets, and stops are based on the day's likely inflection points, and natural support and resistance. Avoid trade until bid/ask spread narrows.

Partial or unedited list of setups. Complete or edited list goes out by email. Subscribe to the distribution list here.

Bullish Long-Side Setups

BEN Franklin Resources
BMY Bristol-Myers SQUIBB

Bearish Short-Side Setups

CMA Comerica Inc
ESRX Express Scripts Holding Co

Dave Mecklenburg is Publisher of TigerSharkTrading.com.